Buffett Says He Stands By 'Buffett Rule'

Warren Buffett says he's absolutely "fine" with President Obama calling the new plan to establish a minimum tax rate for individuals making more than $1 million a year the "Buffett Rule."

Reached Sunday in Omaha, Nebraska, the outspoken billionaire told the FOX Business Network the administration "asked me if they could use my name (on it) and I said, 'Sure. It's what I believe.'"

Buffett has long argued that the wealthiest Americans tend to pay a smaller portion of their income in federal taxes than middle-income earners because some millionaires and billionaires often get much of their income from capital gains, which are taxed at a lower rate than basic wages.

Buffett has argued that the "billionaire-friendly Congress" has coddled the wealthy and that that practice should end.

While the new Buffett Rule is still just a proposal, political watchers have indicated it would face stiff Republican opposition. Some Republican lawmakers say it would discourage investment

Buffett has long argued the rich don't pay their fair share, often being held to a 15% tax rate from capital gains versus the 35-39% rate lower income earners get hit with on their basic wages.

Reports say the administration indicates the proposal would replace the alternative minimum tax, created years ago to ensure the wealthiest did not dodge paying income taxes. However, over the years, the AMT swamped many middle class taxpayers. The administration indicates the Buffett Rule would affect a much smaller group -- those making the threshold $1 million.

When asked if he's heard complaints or gotten friendly jabs from his wealthy friends about the Buffett Rule, Buffett quipped, "Well, I've employed a food taster, but other than that..."